Thursday, January 6, 2011

Move Networks Acquired by Echostar

Move Networks, the venture backed developer of high definition streaming technology for Internet video, has been acquired by Echostar, the firms said Thursday afternoon. Financial terms of the buy were not disclosed. Move, which briefly was based in Irvine, was venture backed by Steamboat Ventures, Hummer Winblad Venture Partners, Benchmark Capital, Microsoft, Cisco, Comcast and Televisa. The firm appeared in Irvine last year headed by former DIRECTV COO Roxanne Austin, however, shortly thereafter laid off all of its staff and started looking for a buyer of the firm's assets. The firm had been founded and ended up again in American Fork, Utah where founder Drew Major, a co-founder of Novell, is located.